UPSTREAM oil and gas firm KrisEnergy has struck oil in three wells in the Nong Yao field, Gulf of Thailand.
Initial production from the three wells will come up to 2,500 barrels of oil per day.
The facilities will be able to produce up to 15,000 barrels of oil daily and process up to 30,000 barrels of fluids a day.
Nong Yao is the first development project in the firm's portfolio to be brought on stream, KrisEnergy said yesterday. It is working on a further four oil developments in the Gulf of Thailand.
Union Steel Holdings
METAL recycler Union Steel intends to acquire a majority stake in Gee Sheng Machinery and Engineering.
The conditional sales and purchase agreement is for 426,000 ordinary shares, or an 85.2 per cent stake.
Singapore-based Gee Sheng carries out civil construction and engineering work and makes motor vehicle bodies, trailers and semi-trailers.
Union Steel will pay about $5.1 million for the acquisition, to be funded by internal resources and bank loans.
Mary Chia Holdings
MARY Chia Beauty and Slimming Specialist has entered into a joint venture agreement to establish a medical centre.
Scinn Medical Centre is a joint venture with wholesale medical goods supplier Kaelin, whose sole director and shareholder is Ms Peck Kae Lin. It will provide and distribute aesthetic related treatments and services in Singapore.
Mary Chia has a 70 per cent stake in the venture. Both parties have pumped in a total of $750,000.